Is Your Income Taxable
Is Your Income Taxable? Generally, under IRS rules, all incomes are taxable, except if they are specifically excluded from income. Taxable income includes money earned, like wages and tips. It also...
View ArticleTo Be or Not To Be? Married Filing Jointly or Married Filing Separately?
Married couples have the option to file jointly or separately on their federal income tax returns. Undoubtedly, married couples during tax season have asked each other if they are filing...
View ArticleWho Claims The Kids On Their Taxes, And Other Ways Divorce May Affect Your Taxes
Divorcing couples often wonder who claims the children on their taxes, and in what other ways divorce will affect their taxes. Questions may include which filing status to use after the divorce, and...
View ArticleChild and Dependent Care Credit Explained (26 U.S.C. §21)
Federal courts have long held that expenses incurred by taxpayers for the care of dependents, such as a daycare or babysitting expense, while the taxpayer is away from home and at work, are not...
View ArticleThe Importance Of Form 8332
Divorced taxpayers with children that fail to include an executed Form 8332 with their tax return will lose the exemption for that particular tax year. Form 8332 (Release/Revocation of Release of Claim...
View ArticleTax Effects of Divorce or Separation
Individuals in the middle of, or just beyond a divorce rarely consider the tax ramifications of the agreements that they make as a party to the divorce proceedings. It’s only later that they become...
View ArticleTax Consequences Of Child Support Payments For Payors And Recipients
Individuals must consider the tax consequences of obligations related to child support in divorce proceedings. The fact that child support payments are not deductible and the receipt of child support...
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